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Writers strike just a drop in L.A.'s bucket

December 02, 2007

Wall Street bulls skating on thin ice

Monday's announcement that oil-rich Abu Dhabi has invested $7.5 billion in fragile Citigroup launched a sudden 215-point spike in the Dow ("Citi says Abu Dhabi will invest $7.5 billion for up to 4.9% stake," Nov. 27).

It still rose on Tuesday. Just what jilted bulls needed to reverse the jittery Wall Street's current bear market reality check.

The group-think on Wall Street says more about the institution as the world's largest day-trading operation than as an investment institution of American economic progress.

If the news about a foreign government bailing out huge-but-battered Citigroup is enough to send the brokerage houses into a buying frenzy, the message seems pretty clear.

Wall Street, simply put, sits on a layer of thin ice with millionaire bears and bulls skating blithely toward a cold and watery grave, leaving holders of worthless investments mourning for their losses.

David Ohman


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